161 On January 4, Year 1, Barber Company purchased 12,000 shares of Convell Company for $144,000 plus a broker's fee of $3,800. Convell Company has a total of 60,000 shares of common stock outstanding and it is presumed the Barber Company will have a significant influence over Convell. During each of the next two years, Convell declared and paid cash dividends of $0.85 per share, and its net income was $114,000 and $109,000 for Year 1 and Year 2, respectively. The January 12, Year 3, entry to record Barber's sale of 7,200 shares of Convell Company stock, which represents 60% of Barber's total investment, for $97,200 cash should be: Skipped Multiple Choice 0 Debit Cash $97,200: debit Loss on Sale of Investment $6.000; credit Long-Term Investments $103.200. 0 Debit Cash $97,200; debit Loss on Sale of Investment $50,600; credit Long-Term Investments $147,800. 0 Debit Cash $97,200; debit Loss on Sale of Investment $20,400; credit Long-Term Investments $117,600. 0 Debit Cash $97,200; credit Gain on Sale of Investment $8,520; credit Long-Term Investments $88,680. 0 O Debit Cash $97,200; credit Gain on Sale of Investment $20,400; credit Long-Term Investments $76,800